Businesses in the UAE operating in the banking and finance sector, gold trading, exchange houses and other enterprises are inherently at a high risk of being marred by money laundering and financial crimes owing to the sheer amount of money exchanged on a daily basis often in the form of cash. For such business entities, AML (Anti-Money Laundering) and CTF (Combating the Financing of Terrorism) compliance is an imperative regulatory compliance requirement to ensure that your business is not involved in illegal money laundering or funding of activities that may be classified as terrorism.
Note that if you are a business in UAE, you are legally required to adhere to the regulations, and laws laid out by the UAE government to combat these issues. Failure to do so can lead to your business being furnished with heavy fines, imprisonment of any individuals involved in the oversight, and an irreversible damage to your business’ integrity and reputation.
Blue Arrow Management Consultants (BAMC) provides businesses with AML/CFT compliance advisory services so that you can discern whether your business is at risk of breaching government rules and regulations, and being faced with hefty penalties.
What if I don’t have AML/CFT policies for my business?
The AML/CFT law states that should any DNFBP (including their managers or employees) fail to report any suspicion of money laundering, terror financing or financing of illegal organisations, they may be faced with imprisonment and/or a fine of “no less than AED 100,000 and no more than AED 1,000,000”
In addition to such heavy penalties, your business will take a major hit to its integrity and reputation if it is found lacking in compliance with any of the regulations mentioned in the guidelines linked above.
How can my business follow AML/CFT laws and regulations?
The government of the UAE lays out detailed guidelines and legal obligations for both financial institutions and designated non-financial businesses and professions about AML/CFT laws that need to be followed.
DNFBPs include those who deal in precious metals and precious stones with cash transaction(s) equal to more than AED 55,000.
How will Blue Arrow help in AML/CFT compliance?
Where many businesses struggle to stay abreast with these regulations, BAMC helps you stay on top of them by ensuring:
- A comprehensive assessment of your current AML/CFT policies
- An assessment of how up-to-date your business is with AML/CFT compliance
- Your business is not exposed to any risk associated with money-laundering or terrorism
- No loopholes in your policies or business practices can be exploited by anyone with malicious intents
- Any potential risks are identified, assessed, and mitigated in your business dealings
- A gap analysis is prepared to determine how BAMC can deliver value to your business with respect to AML/CFT compliance
- An appropriate AML/CFT framework is prepared to enable effective compliance in the future
- Your business submits all the required Monthly, Quarterly, Semi-Annual and Annual Regulatory Assessment Reports, AML Returns, and periodic mandatory surveys and filings.